Karl Marx, First Real Business Cycle Theorist: Hoisted from the Archives

Adam Samson: German Manufacturing Reports Industry ‘In Freefall’: "Key survey points to weakest sentiment in nine years.... The Ifo Institute’s manufacturing business climate index slumped to minus 4.3 in July from positive 1.3 the previous month. The reading was the lowest in more than nine years and echoes a separate survey released on Wednesday that pointed to mounting troubles in Europe’s powerhouse economy. The broader Ifo sentiment gauge, which also covers Germany’s services sector, declined as well, hitting the lowest level since 2013...